While few outside of Apple's Cupertino headquarters truly know what the company has in store for the iPhone with the rumored September 10 event, at least one analyst weighs in on how things might shake out for a possible family of handsets.

9to5Mac reported Monday that KGI Securities analyst Mingchi Kuo has prognosticated on what the upcoming iPhone refresh will have in store for consumers, and it includes the long-rumored debut of the handset on China Mobile.

In keeping with current rumors, Kuo tows the line that there will be two models: An "iPhone 5S" to effectively replace the current iPhone 5, as well as a low-cost "iPhone 5C," which is expected to debut in the fourth quarter on China Mobile as well as the rest of the world with LTE penetration hitting its highest levels to date.

"We believe the joint effort by Apple and China Mobile this year will boost penetration of TDD-LTE to 25 percent in iPhone 5S and 35 percent in iPhone 5C shipments, which will generate new shipments momentum for the supply chain," Kuo said.

Despite two new models of the iPhone, Kuo also believes that Apple will keep the iPhone 4S around at least until the end of this year, at which the iPhone 5C will become the company's primary budget smartphone.

"We’ve learned that the iPhone 5 line will be terminated from 4Q13, while the iPhone 4S line will carry on," Kuo elaborated. "From this, we infer that iPhone 5C is launched to replace iPhone 5. In other words, the 5C model will be positioned as midrange. We forecast its retail price to be US$400-500. We expect iPhone 5S, iPhone 5C, iPhone 4S and iPhone 4 will fall into the price ranges of US$600-700, US$400-500, US$300-400 and US$200-300, respectively, in the new product cycle. Since iPhone 4’s specs may not be adequate to run on iOS7, we think this line may be terminated."

It will be interesting to see how Apple manages to handle all of this iPhone product line shuffling, with sources claiming the latest device(s) will be unveiled at a media event on September 10.